Why was the law blocked in the Senate?

Despite bipartisan support for the law, it failed to obtain the necessary votes to advance in the Senate. Many Democratic senators expressed concerns about the text of the law, pointing to issues related to national security, compliance with anti-money laundering laws, and controversial political ties, especially regarding former President Donald Trump's support for digital currencies. On May 8, 2025, the law failed to secure the 60 votes required to advance, with 48 members voting in favor and 49 against.

Reactions to the failure

U.S. Treasury Secretary Scott Piesen described the failure of the law as a "missed opportunity" for the United States to bolster its leadership in the field of digital currencies. In contrast, Democratic senators expressed concern that the law could be used to advance personal interests of the former president, particularly regarding the digital currency linked to him, which could lead to conflicts of interest.

Conclusion

The GENIUS Act is an important attempt to regulate the stablecoin market in the United States, but it faces significant political and legal challenges. It is unclear whether it will be reintroduced in an amended form in the future, but the debate around it highlights the challenges the United States faces in regulating modern financial innovations.